Best Online Side Hustle To Start in 2024 ($1000/Week)
The Importance of a Side Hustle in 2024. Imagine not having a side hustle and depending on one job to cover the rising cost of living, unexpected day-to-day costs, and trying to have fun. Oop, is that you? Well, I hate to break it to you, it's not something that you could continue to keep doing in 2024 because costs are only going to continue to keep rising. And if you have nothing to supplement those rising costs, you are going to find yourself in a financial sinking ship. And I guarantee that it has the potential to go under a lot faster than you might think. Let me just put it in perspective for you. Where I'm at in Dallas, it is estimated that you need to be making at least $65,000 after taxes to just be able to live comfortably. Now, the crazy thing about that is that's on average if you have a bachelor's degree. Yes, I mean you finish college, you spend four years of your life and continue learning in hopes of a great job. People are coming out making roughly around $75,000 a year on average. That means that after deductions, by the skin of their teeth, they're just getting by with that living comfortably term that we just talked about. And living comfortably can mean a lot of different things to a lot of different people. So if you have a goal to do more than just living comfortably by other people's terms, then you need to stick with me throughout this entire video. I'm about to show you the best side hustle that you could start in 2024.
The Importance of a Side Hustle in 2024
Imagine not having a side hustle and depending on one job to cover the rising cost of living, unexpected day-to-day costs, and trying to have fun. Oop, is that you? Well, I hate to break it to you, it's not something that you could continue to keep doing in 2024 because costs are only going to continue to keep rising. And if you have nothing to supplement those rising costs, you are going to find yourself in a financial sinking ship. And I guarantee that it has the potential to go under a lot faster than you might think. Let me just put it in perspective for you. Where I'm at in Dallas, it is estimated that you need to be making at least $65,000 after taxes to just be able to live comfortably. Now, the crazy thing about that is that's on average if you have a bachelor's degree. Yes, I mean you finish college, you spend four years of your life and continue learning in hopes of a great job. People are coming out making roughly around $75,000 a year on average. That means that after deductions, by the skin of their teeth, they're just getting by with that living comfortably term that we just talked about. And living comfortably can mean a lot of different things to a lot of different people. So if you have a goal to do more than just living comfortably by other people's terms, then you need to stick with me throughout this entire video. I'm about to show you the best side hustle that you could start in 2024. But, but, but before we talk about what side hustle that is, let's talk about what makes a good side hustle. And I'm talking about the kind that does not just add a few dollars to your wallet, but it truly enhances your life. And I believe that there are three main aspects that a side hustle has to have in order to do that. And that starts with the flexibility of the side hustle. The best side hustles are ones that already fit into your existing
Key Characteristics of a Successful Side Hustle
To ensure the success of your side hustle, it's essential to find a complementary venture that doesn't compete with your primary job. Striking a perfect balance is crucial, allowing you to invest manageable hours while achieving tangible results. This balance is the key to maintaining consistency and ensuring the long-term success of your side hustle. Scalability is also vital. Your side hustle should have the potential to grow without limitations, allowing room for expansion as you invest more. Look for opportunities that can scale up as your efforts and budgets increase. Additionally, consider the initial investment required to get started. Ideally, a great side hustle should have minimal initial investment but substantial profit potential, offering low risk with high reward possibility. Now that you know what to look for in a side hustle, let's discuss one that meets all these requirements and has the potential to elevate your financial status. This venture requires work, capital, and most importantly, consistency. If you possess the work ethic, determination to create change, and some startup money, then dropshipping is the ideal choice for you. Dropshipping offers low startup costs, as it involves no inventory holding and customers essentially cover the upfront product costs. It provides the scalability, minimal initial investment, and potential for substantial profits that are essential for a successful side hustle.
The Importance of Product Selection in Dropshipping
One of the crucial aspects of dropshipping business is the selection of the right products to sell. The process begins when a customer orders a product from your online store at the price you have set. The money from the sale goes directly into your account, allowing you to purchase the same product from your supplier at a lower rate. The supplier then fulfills the order by shipping the product directly to the customer, without the need for you to hold any inventory or manage any logistics. This business model significantly reduces the costs associated with running a traditional store, as the only expenses you incur are related to advertising and online store maintenance. The actual supply and delivery of products are handled by the supplier, cutting down on operational expenses. Dropshipping offers immense scalability potential, as evidenced by the remarkable results achieved in short periods of time. Successful entrepreneurs have scaled their businesses rapidly, witnessing incredible profits. For instance, a student named Michael achieved a staggering $100,000 in revenue with over $28,000 in profit within just 60 days. Furthermore, he replicated this success in less than 16 days, demonstrating the repeatable and rapid scalability of the business model. It's important to note that the scalability of dropshipping heavily depends on the products being sold. The demand for a product directly impacts the effectiveness and efficiency of scaling the business. Products in high demand result in more sales, while less popular products limit the scalability of the business. Therefore, finding the right product is crucial for creating scalability in the dropshipping business.
The Importance of Product Research and Trend Verification in E-commerce
In the world of e-commerce, finding a scalable product is essential for success. It's crucial to invest in a product research platform that allows you to filter through different trending products, rather than simply selling whatever comes your way. The first step in identifying a product that will sell is to verify the trend. Let's take a look at how this works. By using Google Trends, I searched for Christmas and Valentine's Day. Currently, the Christmas trend is booming as we are approaching the holidays, but it's about to hit its peak and decline. This indicates that it's not the ideal time to sell Christmas-related products. On the other hand, the search interest for Valentine's Day starts to rise right after Christmas, indicating a potential upcoming trend. This presents an opportunity to capitalize on the Valentine's Day product trend. With this data in hand, I then proceed to use Autodesk to search for a product in their winning product section and marketplace that aligns with the trend, adds value to customers, and is currently receiving traffic. The goal is not to reinvent the wheel, but to find what's already working and optimize it. After careful consideration, I have identified a product that aligns with the Valentine's Day trend and can be sold to a wide audience. Moreover, a search for 'roses' on Google Trends confirms that it's a popular search term during the Valentine's Day trend period. By verifying the demand and aligning with the trend, we can ensure the potential success of this product. In conclusion, product research and trend verification are crucial aspects of e-commerce success. By leveraging tools like Google Trends and platforms such as Autodesk, sellers can identify and capitalize on emerging trends, ultimately driving business growth and profitability.
How to Verify Product Demand and Potential Sales Using SEO Optimization
When it comes to SEO optimization, it's not only important to understand the trends behind the season, but also to verify the demand for the actual product. This is crucial in determining whether the product has the potential for scalability. To verify the current sales, I start by heading to Google and searching for the product name followed by 'myshopify.com'. This allows me to find other Shopify stores selling the product today. On AutoDS, I simply copy the product name, search it on Google with 'myshopify.com', and find multiple stores selling it. After opening a store selling the product, I use the Chrome extension called SimilarWeb to analyze their store traffic. The key indicators I look for are the current traffic and advertising activities, indicating that we're not reinventing the wheel. Based on the estimated monthly visitors, I can calculate their potential earnings from selling the product. For instance, a store had 6.7 thousand visitors last month before the trend started. Assuming a typical conversion rate of two and a half percent for a Shopify store, we can estimate that they had 167.5 orders last month. By multiplying the order count with the selling price, we estimate they made $11,725 last month alone. This estimate doesn't even include potential upsells or increased average order value. It's crucial to analyze these factors not only to determine product demand but also to understand the potential sales and revenue. This analysis helps in making informed decisions about product scalability and market entry.
How to Find Scalable Products for Your Side Hustle
So, just imagine what these sales are going to look like once the trend actually starts getting going. And this is exactly what you want to be looking for when it comes to finding a product that's going to add scalability to your side hustle. And if you want to try Autodesk to start finding your own winning products, I'm going to go ahead and link a 30-day free trial down in the description for you. As mentioned previously, the product is vital to scale in your dropshipping business, but equally crucial is the design and functionality of your store. Your Shopify store and the apps that you have on it to create conversions is going to be the first of your costs when it comes to creating your dropshipping store. But they are both necessary to turn this into a side hustle that is beneficial to your pockets. I always suggest opening up your store on Shopify, which is going to cost you about $39.99 a month. But because I'm a Shopify partner, I have a link down in my description that's going to give you an absolute free trial, no credit card required on file, and your next three months only costing you one single dollar each. And when you do create your store, I always suggest starting off with what I call a general store. And this type of store is going to let you test out all types of different products that might not even fall under the same niche, without having to recreate a brand new store every time you want to try to test out a new product. As you can see, a general store is going to be pretty broad, and it's going to allow you to sell any trending products that you want without messing up the design of your store. It's clean, simple to the point, and professional. Now what I consider my general stores are general stores with niche-focused product pages. So once you head into the actual products that you're selling, that's where you're going to niche down a bit and upsell that product with other products that will be relatable to that main product that you're selling. Now don't worry, I broke all that down in depth and step-by-step in this video right here, so make sure to go ahead and check it out after this video. Now once you have your store set up...
Tips for Successful Facebook Advertising in Your Side Hustle
By creating a solid platform for customers to buy from, you have established the flexibility needed for a successful side hustle. The initial groundwork is complete, and now the focus shifts to attracting customers to your store, primarily through Facebook advertising. While this may entail a startup cost of around $400 per product, the potential return on investment makes it extremely worthwhile. For instance, a $647 investment resulted in nearly $3,200 in sales, generating a ROAS of 4.93. This translates to a profit of close to $2,000 on a $400 product campaign. It is crucial to constantly monitor the performance of the ads, ensuring that they are generating returns. Any ad that does not contribute to profitability should be promptly turned off to maximize the effectiveness of the advertising budget. By carefully managing the advertising expenditure, it is possible to achieve significant returns and maintain a profitable side hustle. Remember, the key is to ensure that every dollar spent on ads results in a positive return, ultimately contributing to the success of your venture.
The Power of Facebook Ads and Drop Shipping as a Side Hustle in 2024
In return. I did not let this keep spinning because like I said before when you're spending money on ads you should always be making something back. One of the best parts about running Facebook ads with your job shipping side hustle is the Automation that it creates in your business. This, in turn, creates more flexibility and even more profit. While running this business, you do not need to spend hours looking over ads, setting up campaigns, or even scaling. You simply come in, set your budgets, let the ads run, and from there, you only really need to check in once or twice a day to make sure everything is running smoothly and that the ads are making you money. The whole idea behind starting a side hustle isn't to load up your schedule with another full-time job. It's about creating something smart, a side hustle that not only brings you extra cash, but more importantly, gives you the power to earn on your own terms and stop living paycheck to paycheck, especially with these rising costs. So if you're planning on starting a side hustle in 2024, make it drop shipping. Throughout this video, I've laid it all out for you. Drop shipping isn't just another side hustle that can make you a couple of bucks. It's a scalable, flexible business model with a low startup cost, putting you in a low-risk, high-reward situation, making drop shipping the ultimate side hustle to start in 2024. Head to the next video for a step-by-step tutorial showing you exactly how you can get started as a beginner. It is time to get started and to make it happen. This is AC with supreme econ, and I'm out. Stack that in the net money to the site crash. They are
Conclusion:
Throughout this video, I've laid it all out for you. Drop shipping isn't just another side hustle that can make you a couple of bucks. It's a scalable, flexible business model with a low startup cost, putting you in a low-risk, high-reward situation, making drop shipping the ultimate side hustle to start in 2024.